Harris v. Prince

SPEER, Justice.

An association, known as Lloyds of Texas, was organized, prior to the matters involved in this suit, for the purpose of doing a general insurance business, excepting *1023all forms of life insurance. The plan of the organization was for a group of underwriters to associate themselves together, each investing a stipulated sum and naming a common attorney in fact empowering him to handle the business of insurance risks evidenced by policies, and to keep a separate account for the respective subscribers to the exchange with the ultimate aim to make a profit for the subscribers.

The plan…